Thread by @leahstokes

We have an opportunity right now to tackle the climate crisis + rebuild our economy with clean energy. Instead the Trump Admin is bailing out fossil fuels.

In a new post for @equitablegrowth, @mmildenberger and I break down these dirty bailouts. /THREAD!
equitablegrowth.org/green-stimulus…

Many hoped stimulus bills around the world could tackle the climate crisis. Alas, it has not been so. As this great report from economists including Stiglitz and Stern shows: in the G20 as many policies are brown (4%) as green (4%). That’s terrible.
ox.ac.uk/news/2020-05-0…

While the COVID-19 crisis has slashed global emissions the drop is ultimately small and temporary. See this excellent new research from @clequere, @Peters_Glen el al. Optimistically emissions will only drop by 7% this year, bringing us back to 2006 levels.
nature.com/articles/s4155…

Why do I say a temporary 7% drop in emissions is small?

Because to keep warming to 1.5 °C, *we must cut global emissions by 7.6% every year from now until 2030.* Personal changes like staying home won’t do it.

We need massive government action to tackle the climate crisis.

With this huge challenge, what is the Trump Admin doing? Making it even harder by bailing out fossil fuel companies with billions of dollars.

As @mmildenberger and I put it, "the CARES Act is funding corporate welfare for polluters.”
equitablegrowth.org/green-stimulus…

The Trump Administration is shoveling so much money to fossil fuel companies with such speed, it’s hard to keep track.

As @jendlouhyhc reported, “More than $1.9 billion in tax benefits are being claimed by 37+ oil companies, service firms + contractors.” bloomberg.com/news/articles/…

While there's been no reporting on it, Marathon Petroleum got $400 million from the CARES Act.

As @SenWhitehouse put it: "probably paid them back all their political spending in one fat giveaway."

https://twitter.com/SenWhitehouse/status/1258488174512345088

A number of coal companies have received $31 million, including Hallador, which hired former EPA head Scott Pruitt as a lobbyist. It pays to have friends in the Trump Admin.

In case you've forgotten: coal is dying. These are terrible investments.
washingtonpost.com/business/on-sm…

The fossil fuel industry is also targeting the Federal Reserve to get more bailout money. As @dino_grandoni reported, they are looking for help from the Fed to pay down their debt. washingtonpost.com/news/powerpost…

Energy Secretary Dan Brouillette has proven a particularly good friend to the fossil fuel industry, advocating for more bailout money.

As @AmyAHarder reported, he complained that banks pulling their funding from Arctic drilling is like “redlining”… Yeah.
axios.com/energy-secreta…

Meanwhile Congress and the Trump Administration have done little to support the renewable energy industry. As a result, it is hemorrhaging jobs.

For more on that, see this great piece from @drvox.
vox.com/energy-and-env…

Not only are renewable energy companies not getting the same kind of support as fossil fuel companies, the Trump Admin is also slapping them with retroactive bills. This is a pile on to a crucial industry at a terrible time.
reuters.com/article/us-usa…

Investment in the dying fossil fuel industry a terrible fiscal choice, to say nothing of the climate and health costs. The Trump Admin's policy is reckless and wasteful.

We need a new government in 2021: one that will take on the climate crisis. /FIN
equitablegrowth.org/green-stimulus…